January 15, 2014 at 4:20 AM (PT)

SIRIUS XM RADIO INC. has inked EVP/General Counsel/Secretary PATRICK L. DONNELLY to a new contract that will keep him at the company through JANUARY 14, 2017.

The deal, detailed in an 8-K filing with the SEC, provides for DONNELLY to continue to earn a base salary of $725,000 with bonuses but removes a "golden parachute" excise tax gross up. DONNELLY also is eligible for severance in the amount of his base plus last bonus paid, and comes with a stock option for 3,671,045 shares at $3.70/share plus a grant of 270,270 restricted stock units.